Crack down on illegal securities, the implementation of heavy policy depends on the brave

In order to further promote the high-quality development of the capital market and strictly crack down on illegal securities activities in accordance with the law, the opinions put forward 30 items in eight aspects.
There is no doubt that this is a heavy document and one of the important means to promote the healthy and orderly development of the securities market. For China’s securities market, only in good order, standardized behavior and strong supervision, can we ensure a healthy, stable and orderly market, achieve high-quality development, and give better play to the role of the securities market in economic and social development.
With the continuous change of financial environment, especially the accelerating pace of capital market opening to the outside world, the scale of foreign capital entering China’s securities market is expanding, and the number of China’s overseas listed enterprises is increasing, the requirements of securities market supervision are also increasing. In particular, whether the behavior of the market subject is standardized, whether there is interference and destruction of market transactions, and whether there is a good mechanism to regulate and restrict the market behavior have become the key to the healthy and orderly development of the securities market.
Judging from the actual situation of the securities market in recent years, with the increasing supervision and regulatory requirements, all kinds of illegal acts have been rectified to a certain extent, but also gradually exposed. In the new regulatory mechanism, a large number of illegal acts have been severely punished.
Nevertheless, violations of laws and regulations still occur from time to time, which not only destroys the good market environment, interferes with the normal market order, and causes investors to suffer serious losses, but also makes it difficult for the securities market to form a virtuous circle between investment and financing. On the contrary, it allows speculators to benefit and the violators to make profits. Therefore, there is an urgent need for more accurate, powerful and strict regulatory measures and means, and more clear legal systems and norms, so that we can quickly, accurately and effectively crack down on violations.
The document issued this time is not only an effective measure to crack down on illegal activities in the securities market, but also a serious summary of the development of the securities market in the past few decades. On the basis of the summary, it lists in detail the performance of illegal activities in the securities market, so as to be more active We should effectively crack down on illegal activities and promote the healthy development of the securities market.
This is a document integrating “temporary treatment” and “root cause treatment”. From the perspective of “palliative treatment”, there are some manifestations and problems of institutional rigidity and specific behaviors listed in the document, such as the specialized mechanism arrangement for the investigation, prosecution and trial of securities cases needs to be improved, and the cooperation mechanism between administrative supervision organs and judicial departments needs to be further optimized, There is a certain tendency of protectionism in the investigation of financial fraud cases of Listed Companies in some places. In the past, there were no clear standards to identify and crack down on illegal activities, so they were more at the “palliative” level and failed to fundamentally solve the problem. Naturally, there will be the phenomenon of repeated investigation, repeated crime and repeated education.
There is no doubt that on the basis of summing up the past experience of “palliative treatment”, the document put forward more accurate and effective “radical treatment”. For example, we should improve the trial system and mechanism of securities cases, establish an expert consultation system and professionals to serve as people’s jurors, establish a professional team for case investigation, make full use of big data means, and intensify the trial of financial crimes. In this way, securities violations will be encircled and suppressed from all sides, forming a really strong encirclement and annihilation trend.
This is a document that integrates “professional” and “comprehensive”. From the “professional” point of view, the specialization of law enforcement, investigation, jury and case consultation all strive to use professional means to improve the professional level, so as to make the crackdown on securities market violations more accurate and powerful. At the same time, strengthening the coordination of departments, especially the coordination between the securities market supervision department and the judicial organ, will certainly have a strong deterrent force on the securities market violations. Those who violate the law must face the new regulatory requirements and weigh them well.


This is a document integrating “domestic” and “overseas”. We have noticed that in addition to the strict regulatory requirements on the problems of the domestic securities market and the target of cracking down on the illegal activities in the domestic market, the document also includes the overseas listed Chinese companies into the scope of supervision to avoid the regulatory vacuum. It should be said that this is very important. Because, in recent years, there are many cases that Chinese companies listed overseas have been punished by foreign regulatory agencies for their non-standard behavior, and some of them have also had adverse social effects. Such as lucky coffee, is the best example. It is also very important to strengthen the supervision of overseas listed companies, standardize the behavior of overseas listed companies, and avoid adverse effects on Chinese enterprises. Therefore, it is timely and necessary for the document to bring overseas listed companies into the scope of supervision. Only when domestic and overseas supervision is carried out all the time, can the behavior of Chinese enterprises be continuously standardized, and the image of Chinese enterprises will be better and better.
In a word, as long as we conscientiously and resolutely follow the requirements of the document, China’s securities market will be able to maintain a healthy, stable and orderly development, and provide strong support for the high-quality development of the economy.

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